Bitcoin has experienced a significant decline, falling to $57,151, marking a new multi-week low. The cryptocurrency is now 23% below its all-time high of $73,757, set in March. Standard Chartered has predicted a further drop to $50,000, attributing the downturn to a combination of crypto-specific and broader macroeconomic factors. This forecast comes as Bitcoin has fallen below a key support level, with increased short positions and a slowing demand contributing to the bearish outlook. Additionally, Bitcoin briefly recovered to $59,000, re-entering the 'Fear' zone.
#StandardChartered Bank has warned that #bitcoin's price could drop to $50K due to #crypto-specific and broader macro factors. https://t.co/OqKSPyQBi5
Bitcoin back in the "Fear" zone at $59,000 🤑 https://t.co/sTzryo33xc
📉 #Bitcoin's price has dropped to $57,151, hitting a new multi-week low, with analysts setting a new target at $50K as demand declines and short positions increase. https://t.co/DkgLZTlawQ
BITCOIN FALLS UNDER $57,000 It's now -23% below the all-time high of $73,757 made in March. https://t.co/3zPXEsse3r
Bitcoin will drop 13% to $50,000 after falling below a key support level as macro drivers slow, Standard Chartered says https://t.co/yCWwaThnav